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"Facilities" has the meaning ascribed to that term in the Deed of Trust, and <br />generally includes the County .Justice Facility in Hillsborough, North Carolina, and <br />Morris Grove Elementary School in Hillsborough, North Carolina. <br />"Federal Securities" means, to the extent such are legal investments for the <br />County's funds at the time of purchase, (a) direct obligations of the United States of <br />America for which its full faith and credit are pledged, or (b) securities or obligations <br />evidencing direct ownership interests in specified portions (principal or interest) of <br />obligations described in (a). <br />"Financing Contract" means the Installment Financing Contract dated as of <br />December 1, 2010, between the County and the Company, as it may be duly amended or <br />supplemented. <br />"Independent Counsel" has the meaning assigned in the Financing Contract. <br />"Interest Account" means the account of that name in the Payment Fund <br />established in Section 4.02. <br />"LGC" means the North Carolina Local Government Commission, or any <br />successor to its functions. <br />• "Majority Owners" means, as of any date, the Owners of at least a majority in <br />principal amount of the Bonds then Outstanding. <br />"Mortgaged Property" has the meaning assigned to that term in the Deed of Trust. <br />"Net Proceeds" has the meaning assigned to that term in the Financing Contract. <br />"Net Proceeds Fund" means the Orange County 2010 Net Proceeds Fund <br />established in Section 4.02. <br />"Opinion of Counsel" or "Opinion of Special Counsel" means a written opinion of <br />Independent Counsel or Special Counsel, as appropriate. <br />"Outstanding," when used with reference to Bonds, or "Bonds Outstanding," <br />means all Bonds which have been authenticated and delivered by the Trustee under this <br />Trust Agreement and not yet paid, except the following: <br />(a) Bonds canceled or purchased by or delivered to the Trustee for cancellation; <br />(b) Bonds that have become due (at maturity or on prepayment, acceleration or <br />• otherwise) and for the payment, including interest accrued to the due date, of which the <br />Trustee holds sufficient moneys; <br />(c) Bonds deemed paid in accordance with Section 7.01; and <br />34 <br />